Crypto proxy benefiting from Bitcoin rally

Xingqiao Macro | Quick Read on Implicit Benefits for US and Chinese Stock Markets 2026-09-21 This article is for market information review and learning purposes only and does not constitute any advice on individual stock trading or position allocation. Market volatility risks are significant; please make independent and prudent judgments regarding investment decisions. I. Overseas Markets: AI Capital Expenditure Remains the Main Theme, with Multiple Catalysts Running in Parallel The core narrative for US stocks continues to revolve around AI capital expenditure, with several undervalued catalysts fermenting. 1. The AI Optical Interconnect Sector Sees Industrial Resonance: Lumentum, Qualcomm, and Corning are jointly developing AI optical solutions; Coherent is expanding its pluggable optical line product portfolio, with 800G coherent modules supporting ultra-large bandwidth of 25.6Tbps. As bottlenecks in computing clusters gradually shift to optical communication hardware, the sector enters a window for systematic revaluation. 2. AI Security and Compliance Move from Concept to Commercial Implementation: Accenture has reached a paid cooperation agreement with Anthropic for security assessments, opening up a new growth curve for AI services. 3. Crypto Asset Sentiment Heats Up: Bitcoin surges past $84,000, reaching a new high since late January this year. Trading heat for crypto proxy targets such as MSTR has significantly increased. 4. Marginal Improvement Signals Released by Chinese Biopharma Stocks: The US side shows an open attitude toward drug authorization channels, creating expectations for valuation repair in the innovative drug sector. Institutional views show clear divergence: Morgan Stanley's Wilson warns of a short-term 7% correction risk for US stocks but has not turned fully bearish. A major highlight is Morgan Stanley's reversal on its view of Dell, significantly raising its price target, pointing to potential upside surprises in AI server and enterprise IT hardware demand. Brief Overview of Views from Four Major Investment Banks: Goldman Sachs downgraded some SaaS and consumer finance targets, upgraded Ford; Morgan Stanley downgraded Apple and Salesforce, remains bullish on HPE and Dell; JPMorgan upgraded IBM, initiated coverage on SpaceX; Bank of America lowered the price target for AliHealth but maintained a Buy rating. Key Watchlist Targets: ✅ Dell (DELL): Morgan Stanley shifted from bearish to bullish, significantly raising the price target, with improved visibility into AI server orders. ✅ Optical Communication Sector (Lumentum/Coherent/Corning): Under super-node architectures, high-speed optical interconnects have become a rigid demand for computing clusters. ✅ MSTR/MSTU: Driven by Bitcoin trends, these are elastic targets for crypto assets. II. A-Share Market: Four Main Lines Show Resonance Between Capital Flow and Research Reports Multiple industrial logics are fermenting simultaneously in the domestic market, with capital concentrating its layout in computing power, real estate, passive components, and media themes. 1. Real Estate Chain: Multiple positive catalysts resonate, with Vanke A hitting the daily limit up. Institutional net buying on the Dragon Tiger List reached 525 million RMB. Policy expectations, capital flow, and sentiment form a triple resonance, bringing a repair rally to the sector. 2. Domestic Computing Power / NPO: Huawei Ascend 960 super-node released; Zhipu Large Model commercialization accelerates; domestic and overseas computing power rental prices continue to rise. Coupled with the full-stack cooperation between Alibaba Cloud and New Unigroup, domestic computing power is moving from policy-driven to commercial implementation. Huatian Technology received institutional net buying of 818 million RMB in a single day, ranking first in popularity with extremely high capital attention. 3. MLCC Passive Components: CCTV reported a significant increase in MLCC prices. As basic electronic components, the price hike logic transmits through the industry chain. Fenghua Advanced Holding, as the leader, has obvious expectation gaps. 4. "Hua" Character Theme: Xinhua Media acquired equity in Jiemian Finance Press, event-driven stock price hit the daily limit up, becoming a short-term capital aggregation theme. Dragon Tiger List Capital Flow Trends: Huatian Technology, Vanke A, HKC Shares, Huashengchang, and Torrens received large capital purchases. Institutional funds focused their layout on advanced packaging and real estate repair. Brokerage Core Views: CITIC Securities is optimistic about opportunities for domestic NPO driven by Ascend super-nodes; CITIC Securities Continues to be optimistic about high prosperity in overseas computing power; Zhongtai Securities sorted out four resonant positive catalysts for the real estate sector; Huatai and CICC had no important updates in the past two days. III. Transmission Linkage Between Chinese and US Markets 1. Progress in US AI optical communication industries maps to opportunities in A-share optical module and optical device industry chains; 2. Continued verification of overseas AI capital expenditure resonates bidirectionally with domestic Ascend and computing power rental trends; 3. Crypto asset trends drive sentiment in A-share digital currency themes; 4. Marginal relaxation of China-US pharmaceutical authorization channels benefits valuation repair in the innovative drug sector. AliHealth, Huatian Technology, and SMIC are key watchlist targets for cross-market linkage. IV. Priority Ranking of Main Themes 1. Domestic Computing Power / NPO Industry Chain | Four signals resonate, currently the strongest main theme in the market 2. Dell (DELL) | Reversal of Morgan Stanley's view, AI server demand exceeds expectations 3. Real Estate Chain (Vanke A, etc.) | Policy expectation repair, institutional capital entering 4. Overseas Optical Communication Targets | AI super-nodes drive demand for high-speed optical modules 5. MLCC Passive Components (Fenghua Advanced Holding) | Product price increases, obvious expectation gap 6. Huatian Technology | Large institutional purchases, resonance of popularity and capital Risk Warning US stocks face short-term correction pressure; European institutions warn of overheated AI valuations; expectations for Federal Reserve rate hikes remain, and liquidity tightening risks require continuous vigilance. Targets mentioned in the article serve only as industrial case studies for teaching and do not constitute basis for any trading operations. Data Sources: Cailian Press, Seeking Alpha, Benzinga, East Money, Jiuyan Gongshe, Dragon Tiger List. To systematically learn industrial rotation logic, trading discipline training, and regular macro reviews, welcome to subscribe to the Xingqiao Macro column: 👉https://xingqiao-advisor.vercel.app [Important Risk Disclaimer] This article is merely a compilation of macro-industrial information and market review learning materials. It does not possess securities investment consulting qualifications, does not recommend any individual stocks, does not provide buy/sell points, and does not promise returns. Stock market volatility risks are significant. All investment decisions should be independently researched and prudently evaluated by yourself, at your own risk. Xingqiao Macro 2026-09-21